The Puget Sound’s $12.5 billion life sciences industry is “an innovation hub” being driven not by huge corporate players, but by startups and small to mid-sized companies that are experiencing growth, according to a new report.

The number of biotech businesses has risen 3.1 percent this year to 959 companies, with many of them clustered in Seattle, one the nation’s premier biotech markets, and suburban markets of Bothell and Redmond, according to the JLL Life Sciences Outlook report released in July.

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